The Cross Collateral Agreement is utilized in Indonesian financing transactions where parties wish to create an integrated security structure across multiple credit facilities and collateral assets. This arrangement is particularly common in corporate lending scenarios where a borrower has multiple loans secured by different assets, and the lender(s) seek to enhance their security position by cross-collateralizing all assets against all obligations. The document must comply with Indonesian security laws and regulations, including registration requirements under the Fiduciary Security Law and Land Mortgage Law. It typically includes detailed provisions for security creation, maintenance, enforcement, and release, while addressing specific Indonesian law requirements such as mandatory notarization and registration procedures. The agreement is especially relevant in restructuring scenarios or when establishing complex security packages for multiple facility arrangements.
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1. Parties: Identification of all parties to the agreement, including the debtor(s), creditor(s), and any guarantors
2. Background: Context of the agreement, including reference to the primary facility agreements and existing security arrangements
3. Definitions: Comprehensive definitions of terms used throughout the agreement, including specific Indonesian legal terms
4. Cross Collateralization: Core provisions establishing that all collateral secures all obligations
5. Security Interest: Details of the security interests being created and perfection requirements
6. Secured Obligations: Definition and scope of the obligations being secured by the cross-collateral arrangement
7. Representations and Warranties: Standard and specific representations regarding ownership, authority, and status of collateral
8. Covenants: Ongoing obligations regarding maintenance, insurance, and protection of collateral
9. Events of Default: Circumstances constituting default and triggering enforcement rights
10. Enforcement: Rights and procedures for enforcing security interests upon default
11. Application of Proceeds: Order of application of enforcement proceeds across different obligations
12. Release of Security: Conditions and procedures for releasing security interests
13. Miscellaneous: Standard boilerplate provisions including governing law, jurisdiction, and notices
1. Security Agent Provisions: Required when a security agent is appointed to hold security on behalf of multiple creditors
2. Priority and Subordination: Needed when there are multiple creditors with different priority rights
3. Further Assurance: Detailed provisions for additional documentation or perfection requirements, particularly relevant for complex collateral structures
4. Tax Provisions: Specific provisions dealing with tax implications of enforcement and realization, particularly relevant for high-value transactions
5. Currency Provisions: Required when secured obligations are in multiple currencies
6. Power of Attorney: Special powers of attorney required under Indonesian law for certain enforcement actions
1. Schedule 1 - Secured Obligations: Detailed list of all facility agreements and obligations covered by the cross-collateral arrangement
2. Schedule 2 - Collateral Assets: Comprehensive description and details of all assets serving as collateral
3. Schedule 3 - Form of Notice of Security: Template notices required under Indonesian law for perfection of security
4. Schedule 4 - Security Perfection Requirements: Checklist of registration and perfection requirements for each type of collateral
5. Schedule 5 - Existing Security Interests: Details of any existing security interests affecting the collateral
6. Appendix A - Form of Release Letter: Standard form for partial or full release of security interests
7. Appendix B - Power of Attorney Forms: Required forms of power of attorney under Indonesian law
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